McHenry Times

Illinois' most wealthy man, Ken Griffin, will be relocating the headquarters of his hedge fund firm Citadel from Chicago to Miami, citing rising violence throughout the city and the tax benefits Florida offers as the reasons for his decision.

Responding to the recent announcement, Craig Wilcox, Republican incumbent candidate for Illinois State Senate District 32, said the move of Citadel and other companies will have a wide-reaching tax impact. 

"This is one more example of a major business evaluating the declining business friendliness of Illinois and choosing to depart the state. Democrat majorities and trifecta control of Illinois have led to an alarming exodus of major corporations, small businesses and residents, and will result in long-term tax implications for every remaining Illinoisan," Wilcox said.

According to The Wall Street Journal (WSJ), Griffin said in a letter to his employees that in his view Florida - a state with no income tax - offers a better corporate environment. Although not given as a specific reason for leaving, it is also known that Griffin and Governor J.B. Pritzker have been feuding in recent years over rising violence in Chicago.

Citadel is now the third major Illinois employer to announce the relocation of a corporate headquarters in the past two months, WSJ reported. Hedge fund mogul Griffin will be making the move to Florida as well and is putting his $58-million penthouse on the market.

"The continuing exodus of wealth from Illinois is a death spiral, and until voters elect leaders with a business-savvy policy base, we are doomed to read headlines like this possibly weekly, but certainly monthly for the foreseeable future," Wilcox said.

Griffin said that many of the jobs will remain in Illinois, but there are concerns as how this departure will affect philanthropy in Chicago. According to Chicago Business, Griffin has given more than $600 million to some of its arts, education and cultural organizations.

WSJ reports that over past election cycles, Griffin has also played a large role in Illinois state politics, donating tens of millions of dollars. In this 2022 election cycle, Griffin has donated over $50 million to the campaign of Richard Irvin, the mayor of a Chicago suburb running for governor. Questions remain whether Griffin will continue to influence Illinois politics.